The demand for good x is given by qx 4000-px-2py4pz 02m, Business Economics

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The demand for good x is given by qx 4000-px-2py4pz 02m

The demand for Good X is given by Qx = 4000-Px-2Py+4Pz +0.2M where Py is the price of good Y, Pz is the price of good Z, and M is income, if Py =$800, Pz = $200 and M= $5000 determines the following:

1. The inverse demand function for good X.

2. Whether good Y is a substitute or complement for good X. explain why.

3. Whether good Z is a substitute or complement for good X. explain why

4. Whether good X is a normal or inferior good. Explain why

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Business Economics: The demand for good x is given by qx 4000-px-2py4pz 02m

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Business Economics: The demand for good x is given by qx 4000-px-2py4pz 02m

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